海外市场多点开花，国内高景气持续

Investment Rating - The report indicates a positive outlook for the energy storage industry, highlighting significant growth potential in both domestic and international markets. Core Insights - The energy storage market is experiencing rapid growth driven by increasing demand and supportive policies in various regions, particularly in China and India. The report emphasizes the importance of market dynamics and technological advancements in shaping the future of the industry. Demand Side Summary - In January 2025, China's energy storage installations reached 2.87 GW and 8.23 GWh, representing a year-on-year increase of 145% and 142% respectively [13] - India's energy storage system installations were reported at 0.4 GWh by the end of January 2025, with expectations to exceed 2 GWh for the entire year [25][29] Supply Side Summary - In China, the energy storage tendering scale in January 2025 was 7.71 GW and 61.7 GWh, marking a historical high with a year-on-year increase of 1107% [14] - In Germany, energy storage installations in February 2025 reached 344 MWh, with large-scale storage increasing by 186% year-on-year [50] - The report notes that the average price of energy storage systems in China has decreased, with 2-hour and 4-hour systems priced at 0.610 and 0.472 CNY/Wh respectively, reflecting a decline of 12% and 2.1% [24] Regional Insights - In Europe, the average wholesale electricity price in January 2025 was 113.7 EUR/MWh, a year-on-year increase of 41.4%, with February seeing a further increase to 124.6 EUR/MWh, up 98.4% [43] - The report highlights that the energy storage market in Australia is also expected to grow significantly, with net revenues from energy storage reaching 6.95 million USD in Q4 2024, a 121% increase year-on-year [79] Future Outlook - The report anticipates that by 2025, the energy storage market in Europe will see collective high growth, with the U.S. expected to add approximately 14-16 GW of new installations [39][73] - In India, the government aims to add around 14 GW of new storage capacity by 2030, indicating strong future growth potential [29]